Foot Locker 2013 Annual Report Download - page 91

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Foot Locker, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
22. Share-Based Compensation − (continued)
The following table summarizes information about stock options outstanding and exercisable at February 1, 2014:
Options Outstanding Options Exercisable
Range of Exercise Prices Number
Outstanding
Weighted-
Average
Remaining
Contractual
Life
Weighted-
Average
Exercise Price Number
Exercisable
Weighted-
Average
Exercise Price
(in thousands, except prices per share and contractual life)
$ 9.85 to $15.10 1,665 5.63 $12.53 1,665 $12.53
$18.01 to $23.42 1,569 6.15 $19.70 1,123 $20.03
$23.63 to $34.24 2,397 7.47 $31.44 704 $27.75
$34.27 to $36.59 37 9.21 $34.96 3 $35.27
5,668 6.58 $22.66 3,495 $18.02
Changes in the Company’s nonvested options at February 1, 2014 are summarized as follows:
Number of
Shares
Weighted-
Average
Grant Date
Fair Value
per share
(in thousands, except
prices per share)
Nonvested at February 2, 2013 2,314 $23.18
Granted 1,154 34.25
Vested (1,230) 21.00
Expired or cancelled (65) 29.55
Nonvested at February 1, 2014 2,173 $30.10
Restricted Stock and Units
Restricted shares of the Company’s common stock and restricted stock units may be awarded to certain officers
and key employees of the Company. Awards made to executives outside of the United States and to nonem-
ployee directors are made in the form of restricted stock units. Each restricted stock unit represents the right to
receive one share of the Company’s common stock provided that the vesting conditions are satisfied. In 2013,
2012, and 2011, there were 1,027,542, 1,254,876, and 1,098,177 restricted stock units outstanding, respectively.
Generally, awards fully vest after the passage of time, typically three years. However, restricted stock unit grants
made in connection with the Company’s long-term incentive program vest after the attainment of certain per-
formance metrics and the passage of time. Restricted stock is considered outstanding at the time of grant and
the holders have voting rights. Dividends are paid to holders of restricted stock that vest with the passage of
time; for performance-based restricted stock, dividends will be accumulated and paid after the performance
criteria are met. No dividends are paid on restricted stock units.
Compensation expense is recognized using the fair market value at the date of grant and is amortized over the
vesting period, provided the recipient continues to be employed by the Company. The Company recorded
compensation expense related to restricted shares, net of estimated forfeitures, of $13 million, $10 million, and
$10 million for 2013, 2012, and 2011, respectively. At February 1, 2014, there was $11 million of total unrecog-
nized compensation cost net of estimated forfeitures, related to nonvested restricted stock awards.
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